Health Insurance Portability
Health Insurance Portability in India, All You Need to Know
Are you still using the same phone (or even the brand) that you were five years ago? What about your car or motorcycle? If you haven't switched yet, you are probably already considering it. That's how we work; constantly changing, developing and upgrading. So, there's no reason to assume that you'll stick to the same health insurance or even insurer forever.
You might consider changing your insurer because
Your situation has changed (your marital status, income or health condition)
You might have found hidden clauses in your existing plan that you are not too happy about
You might need specialised coverage that your current insurer does not provide
Other insurers might be providing you with better service, prices or faster claims
You found an insurer who actually understands and helps you #ThinkAhead (Hi there!)
##I've decided I want to port my insurer. But is that even possible? To begin with, yes. You can switch your health insurance provider at any time, and for both, individual as well as family floater plans. Having said that, it's best to do it when you are close to renewal, so you don't waste the year's premium. IRDAI only puts one condition on you, and that is that you must apply for porting 45 days before the date of renewal.
To do so, you need to:
Write to your current insurer informing them about your wish to port
Specify to them which company you want to switch to
Fill a proposal form with the new insurer and provide the details of the old policy
Renew your policy without a break, though you have a 30-day grace period
##Important facts you must know when you port your insurance Your new insurer must respond to your request to port within 15 days. If there is a delay and your policy renewal date is approaching, they must contact your old insurer to provide you with short-term insurance (for up to 30 days).
Your cumulative bonus can be ported to your new plan, but it will depend on your age. If you are below 45 years of age, you will be able to transfer the entire bonus to your new sum insured. If you are above 45 years of age, you will only be able to port 50% of the bonus. This bonus also depends on whether the company offers a premium-based or sum-based insurance.
Your new insurer has to consider the time passed under the waiting period for any pre-existing conditions with the previous insurer. That means, if you had a waiting period of 4 years for a pre-existing condition and you had the old policy for three years, the waiting period with the new policy will only be one year. However, remember that you might have to serve the waiting period again if you want an increase in your sum insured.
Your new insurer has to insure you for a sum insured at least up to the old policy, which means you won't have to make any compromises. For example, if you had a policy of 5 lakh, the new insurer has to offer you a policy of at least 5 lakh coverage.
Remember that coverage for pre-existing diseases depends on the plan, so ensure that you go through the full list of illnesses covered before you port. ##What documents would I need? Porting health insurer is a pretty simple task. For this, you will need:
Policy document of the current insurer
Copy of insurance renewal notice or previous year's policy schedule
Self-declaration if you hadn't made any claims with your old insurer
If you made any claims, you would also need to submit the investigation report, the discharge summary and the follow-up report
Your health insurance plays a very vital role in assuring your mental peace as well as protecting your hard-earned money against unforeseen circumstances. So, if you are not satisfied with your policy, there is no reason for you to stick with it. Tata AIG offers various health insurance plans to make sure you get exactly what you need. Whether you are a single 20-something or a couple enjoying your post-retirement days, we have the right insurance for you. So, #ThinkAhead and get the insurance you want.